This article showcases our top picks for the best Australia based InsurTech companies. These startups and companies are taking a variety of approaches to innovating the InsurTech industry, but are all exceptional companies well worth a follow.
We tried to pick companies across the size spectrum from cutting edge startups to established brands.
We selected these startups and companies for exceptional performance in one of these categories:
- Innovative ideas
- Innovative route to market
- Innovative product
- Exceptional growth
- Exceptional growth strategy
- Societal impact
Top Australia InsurTech Companies
Cover Genius provides an insurance distribution platform designed to protect the customers of e-commerce companies. Its products feature integrated end-to-end insurance and warranty capabilities and offer dynamic product recommendations and pricing optimization, while also undertaking the payment of a customer’s claim in real-time, enabling customers to access increased protection against any uncertainty.
The company was founded in 2014 and is headquartered in Sydney, Australia.. .
Daisee develops AI software applications; Our unstructured data product Lisa converts voice to text and then applies AI and NLP to analyse, categorize and deliver deep insight into customer contact through calls, email and chat interactions. Lisa has a proprietary semantic engine that derives meaning from words, and facilitates search and discovery.
The primary use cases are; Compliance, Customer Experience and Agent Performance. Daisee utilises an Enterprise SAAS model, based on utilisation, and has a global focus; with a particular focus on expansion in North America..
Traditionally, healthcare ecosystem (providers & payors) is slow to react to the new demands and possibilities of the digital era. However, the traditionally document-heavy processes of the healthcare industry are becoming increasingly digitised, enabling exciting new opportunities to derive more meaningful insights from data by harnessing the potential of advanced AI technology and methodology such as NLP (Natural Language Processing), Neural Networks, Deep Learning, and many more.
Medius entrenches its patented AI platform acting as an orchestrating hub by partnering with providers & payors to open up the playing field for futuristic healthcare firms to capitalise on new business models and improve customer experience by delivering delightful customer onboarding, high precision automated underwriting, faster claim payments, greater price transparency, medical events predictions and on-demand policies, while optimising their operational excellence. We combine advanced technology and medical expertise to build a range of AI-backed digital health platforms delivering cutting-edge AI at scale.
Our team of in-house researchers and data scientists bring the latest AI techniques to our products. If you are exploring, evaluating, ideating or championing your organization’s strategy for using artificial intelligence, then Medius Health will help you pioneer your business objectives.
Email us at [email protected]ediushealth.org. .
Forget old insurance. Our mission is to deliver relevant, hyperpersonalised coverage in moments that matter to you.
We call this moment based coverage for your lifestyle and wellbeing. We use parametric modelling to design better risk modelling and autamatic claims payouts.
handdii is savvy tech that can save insurance companies significant claims costs, while producing happy customers at the same time. They can all identify with the frustrations of making a property insurance claim.
This is because the traditional fulfilment process is both complicated and cumbersome. When the damage to your home or business is relatively small, this lengthy and inconvenient process makes no sense.
At handdii they are on a mission to put the control back into the hands of the customer and help trades excel at the work they do. Their product is unique and focuses on a specific problem area in claim fulfilment and property repair.
They don’t want to be all things to all people but they do want trades to be able to show up, fix the problem, be awesome and free customers up to focus on their lives.. .
More than half of patients fail to comply with their treatment plans, including life-saving medication, therapeutic exercises and tracking critical measures. Perx breaks down these complex, boring chores into what matters to patients: what actions they have to do and how to stay motivated.
The Perx motivation engine blends games, rewards and intrinsic challenges to keep patients on track and engaged. Perx runs patient programs on behalf of European and American branded pharmaceutical companies, global insurers and public healthcare systems in targeted groups of patients..
Our mission is to harness the power & compassion of communities to deliver insurance with heart. This is achieved through the creation of a fully-licensed insurer, owned by customers, where customers may review claims and can share all profits.
UNIQUE MODEL & CAPITAL STRUCTURE Shareholder-owned organisations have an inherent conflict between their Shareholders & their customers. Quarterly financial results & shareholder interests are almost always prioritised over customers’ interests.
Picnic’s primary aim is to break the link & completely remove the conflict in servicing Customers & providing a return to Supporters. Picnic has created a dual model, separating customer serving organisations from capital raising.
We use the traditional structure of a mutual to serve customers, & PICs are offered as preference shares in Picnic to enable community funding for the Picnic Mutuals. INSURANCE OVERVIEW The Picnic Collective holds its own licenses, meaning that no legacy insurers underwrite the collective and control the policies offered.
The Collective is in control. Our objectives are to: 1.
Create an amazing customer experience, 2. Rewrite the insurance policy to simplify exclusions, make the collective transparent, provide a fair claim process, 3.
Our technology platform and software applications are designed to solve business complexity. We create bespoke experiences based on data, and automate the physical or digital workforce through machine learning and artificial intelligence.
Our tools are designed for the fourth industrial revolution (data) for any business to have a level playing field, no matter what size or scale they have. We will be a provider of automation frameworks for a fragmented or distributed workforce, be it human, digital or robotic.
We liberate data but are focused on data ethics for the new business economy. We are forward-thinking problem solvers, designing for the user, customer, client or artificial interface we connect with.
We are Codafication…. .
Integrity was created out of a desire to fundamentally disrupt the industry and improve life insurance in Australia. By blending our expertise with technology, we are creating products that are easy to understand and simple to use.
Integrity is a life insurer that is not only experienced and capable but also one that can be trusted to bring new levels of service to the industry. We think the time has come to do things a little differently.
We’re a team of knowledgeable people who are genuinely here to help because when times get tough, that’s what you need.. .
Bow Wow Meow
Bow Wow Meow is an Australian-owned business that has been providing services to pet owners since 1995. They started off providing personalised pet ID tags and in 2008 they launched their Pet Health Insurance offering.
They have received a high level of support from the veterinary community, who appreciate that they are pet people, rather than a big faceless insurance company. Yet, as they are underwritten by The Hollard Insurance Company Pty Ltd, Australia’s leading pet insurer, they are just as safe and secure as any of their competitors.
Since their launch, more than 50,000 pet owners have found the benefits, options and costs of their policies to be very attractive.. .
maria is the result of collaboration between experienced general insurance intermediation and information technology professionals. Our mission is to facilitate business insurance intermediation starting with complete capture of the entire prospect or client interaction.
This is in contrast to other online insurance businesses that promote disintermediation. Our process combines the strengths of computerized processes and human ingenuity.
Our model supports the client – adviser relationship. While much insurance business is transacted electronically, this process commences after the client interview stage, is ineffective for all but the simplest insurance programs and discards important data not required for a specific transaction.
maria frees up adviser resources directed to paperwork to allow more time for relationship building and negotiation of competitive insurance terms. maria frees up administration staff from word processing and data entry to higher value, more rewarding and more interesting functions.
Whether you are a business owner or insurance intermediary, we are focussed on lowering your cost of doing business and making your point of sale “front door” more professional. We are ambitious.
We are committed to making maria the leading method of intermediated business insurance program design and data collection by the year 2020.. .
Territory Insurance Office
TIO was established in 1979 to provide insurance options for those living in the Northern Territory. Their focus has not changed.
Headquartered in Darwin, their strength lies in their solid understanding of the conditions faced within the Territory year after year. Whether that be flood, cyclone or whatever else Mother Nature can throw their way, they live here too and they get it.
As a division of Allianz Australia Insurance Limited and part of the global Allianz Group, TIO is supported by the world’s largest insurer. They provide a comprehensive range of insurance products across both personal and business portfolios.
This includes home, motor, marine, business, life, travel and workers compensation. They also manage the Motor Accidents Compensation Scheme on behalf of the Northern Territory Government.
Employing 170 staff, they are proud of their local claims and call centre, with important decisions about your insurance being made right here in the Territory. TIO is, and always will be, for Territorians..
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